Office demand continued to decline in August, the latest sign hybrid work and a more pessimistic economic outlook continue to weigh on the U.S. office market recovery.
VTS lnc.’s monthly tracker of office space demand, the VTS Office Demand Index, found demand for office space fell 11.5% in August, from 52 to 46. A measure of 100 is a baseline measurement of where office demand was in 2018 and 2019.
The VODI tracks unique tenant requirements surfaced by touring activity in a given month relative to total square footage observed in buildings that use VTS’ leasing, marketing and asset- management software.
Eli Gilbert, head of market research at VTS, said …
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October 3, 2022, Ashley Fahey, Editor, The National Observer: Real Estate Edition